Top 6 ROI Renovation Projects
Home improvement projects can be pretty costly. However, some have a significant return on investment. If you are considering completing a renovation project on your home, here are six home improvement projects that will increase your home’s value:
Replace Your Front Door
First impressions do matter. Consider replacing your front door with a brand-new one that increases your home’s curb appeal.
National Median Cost: $2,000
Return on Investment: 75%
Upgrade Your Kitchen
Renovating the kitchen, one of the most popular renovation projects, can get out of hand. However, it doesn't have to. You don't have to go all out on a kitchen remodel to increase your home's value. A minor kitchen remodel – re-facing, instead of replacing cabinets, and adding new flooring, countertops, and appliances – can drastically increase the value of your home, while keeping the renovation cost to the minimum (for a kitchen).
National Median Cost: $30,000
Return on Investment: 67%
New Hardwood Floors
Homebuyers love hardwood flooring. If you currently have carpet, consider replacing with hardwood flooring throughout the entire home – besides the kitchen and bathrooms, as water and wood do not mix well. Not only is it aesthetically pleasing, but also easy to clean.
National Median Cost: $5,500
Return on Investment: 91%
Deck and/or Patio Addition
According to a 2014 Home Trends Survey, having an outdoor patio and/or deck is becoming increasingly more popular. Why is this? Because adding a deck and/or patio adds living space at an incredibly low cost! Plus, who doesn't like a little fresh air?
National Median Cost: $8 to $35 per square foot
Turning an Attic into a Bedroom
Do you want to add a new bedroom to your home, but worried a bedroom addition would cost too much? Turning your attic into a bedroom is the solution! Converting your attic space keeps your remodeling costs under control because you don't have to add on to your home's footprint – all you have to do is remodel the current space into a livable space. However, be sure to follow the code restrictions for converting an attic into a bedroom.
National Median Cost: $65,000
Return on Investment: 94%
New Garage Door
Replacing your home’s garage door adds value to your home while also increasing your home’s curb appeal. Completing this renovation is genius if you are thinking about selling your home soon.
National Median Cost (2-Car Garage): $2,300
Return on Investment: 87%
These numbers are the AVERAGE cost and ROI; they are not the exact value you will spend on the above projects. Some projects may cost more and others may cost less. It all depends on the materials and the contractor you hire for the job.
Are you looking for a contractor to help with your project? I have an extensive of contractors and home maintenance experts I trust in the Round Rock area. Give me a call; I would be happy to send you my recommendations.
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